figures on insurance intermediaries in europe · life insurance market shares (in %) agents brokers...

Figures on insurance intermediaries

in Europe

BIPAR Report

December 2019

Dear Reader, You will find in this brochure several graphs with the number of intermediaries, the density of intermediaries, the number of agents and brokers as well as the agents’ and brokers’ life and non-life market shares per country. These graphs summarize to some extent the information in the second part of the document which includes key data on insurance intermediaries for almost all European Union countries. The figures are based upon information we received from our national associations (and in most cases they also refer to other sources). It appears that it is still very difficult to find accurate data on insurance distribution in some countries. Also, it is difficult to compare markets as the classification and data collection methods vary from one market to another. Not all figures in this brochure can thus be considered as being “scientifically” correct, and this should be kept in mind when comparing the figures. With this brochure, we only want to give a general overview of the relative importance of respective distribution channels in the various markets. For more detailed or more up-to-date information, we suggest that you contact our national member associations in the respective markets. If you come across figures in the future which could help us complete this document, please kindly send them to the BIPAR Secretariat. Many thanks. Kind regards, Juan Ramón Plá Nic De Maesschalck Chairman Director

https://www.bipar.eu/en/members

https://www.bipar.eu/en/members

I. Summary

II. Country-by-country overview

AUSTRIA

Active agents: 9133

Active brokers: 4077

Other categories= Active Financial advisors in form of insurance

intermediaries (agents and brokers): 2599

Year this info refers to 2018-2019 - Source: data provided by BIPAR national association, Fachverband der Versicherungsmakler und Berater in Versicherungsangelegenheiten

Intermediaries

15,809

Population

8,752,000

Density of

intermediaries

1/553

(1/number of inhabitants)

~187 intermediaries per 100,000 people

9133

4077

2599

No of insurance intermediaries

agents brokers other categories

BELGIUM

Year this info refers to: August 2019 - Source: FSMA

Year this info refers to: 2017 - Source: Study of Assuralia

7

41,6

Life insurance Market Shares(in %)

Agents

Brokers

Other

12

61

Non-Life insurance Market Shares (in %)

Agents

Brokers

Other

Intermediaries

10789

Population

11,200,000

Density of

intermediaries

1/1038



2569

6387

1833



9

50

Total PremiumMarket Shares (in %)

Agents

Brokers

Other

BULGARIA

Year this info refers to 2017 - Source: EIOPA country-by-country analysis

Intermediaries

12,624

Population

7,300,000

Density of

intermediaries

1/578


173 intermediaries per 100,000 people

12.239

385



https://eiopa.europa.eu/Publications/Reports/IDD%20Evaluation%20of%20intermediary%20markets_Country%20annex.pdf

CYPRUS

Year this info refers to: 2017 - Source: Cypriot regulator

1010

3010

Life insurance Market Shares (number of agents, brokers/other)

Agents

Brokers

Other

949

11 10

Non-Life insurance Market Shares(number of agents, brokers/other)

Agents

Brokers

Other

Intermediaries

2020

Population

1,140,000

Density of

intermediaries

1/564



1.959

41

20



60%

5%

Total Premium Market Shares (in %)

Agents Brokers Other

CZECH REPUBLIC

Year this info refers to: 2019 - Source: Czech Supervisory Authority

Intermediaries

37,976

Population

10,625,499

Density of

intermediaries

1/279


~ 358 intermediaries per 100,000 people

34557

11692250



DENMARK

EIOPA country-by-country analysis Number of registered insurance intermediaries in 2016: 1,853 (not including the number of agents and subagents registered with the Danish Insurance Association (estimated to 4,000)) Registered intermediaries split by categories (2016): Insurance agents/sub-agents: 1,100

Insurance broker/reinsurance broker: 753


ESTONIA

Year this info refers to: 2018 - Source: https://www.fi.ee/en/publications/finantsinspektsiooni-annual-report-2018

Year this info refers to: 31 December 2018 - Source: Financial Supervision Authority

601


Agents

Brokers

Other

35

50


Agents

Brokers

Other

Intermediaries

427

Population

1,300,000

Density of

intermediaries

1/3044



31

42



385

42



https://www.fi.ee/en/publications/finantsinspektsiooni-annual-report-2018

FINLAND

EIOPA country-by-country analysis Number of registered insurance intermediaries in 2017: 4,225 Registered intermediaries split by categories (2017): Insurance brokers: 78

Insurance agents: 4,177

In Finland, there are 331 employees active in the insurance brokerage and about 100 people registered as brokers.

They represent about 5.9% of the market share of the total premiums in the market.

Source: Finnish Trade Register

Source: Insurance Europe, 2016

44

Non-Life insurance Market Shares(in %)

Intermediaries

Other


FRANCE

Year this info refers to: 2018

Source: ORIAS 2018 annual report

Year this info refers to: 2017 - Source: FFA 2017 Tableau de bord

6 11

Life + non-life (excluding personal

injury) insurance Market Shares (in%)

Agents

Brokers

Other

31

17


Agents

Brokers

Other

Intermediaries

61,685

Population

66,000,000

Density of

intermediaries

1/1069


~93 intermediaries per 100,000 people 11364

24470

25851



GERMANY

Number of intermediaries as of 1 July 2019: source: DIHK

Population as of 31 March 2019: source: destatis.de

Source: DIHK

Life insurance market shares in % without health insurance coverage Agents: 40.5% who are only mediating to one insurance company and 6.5% who are doing business for more than one insurance company.

Non-life insurance market shares in % without health insurance coverage Agents: 46.2% who are only mediating to one insurance company and 2.8% who are doing business for more than one insurance company.

Source: GDV Annual Book 2018, data is for the year 2017

47

28

Life insurance Market Shares (in %)

Agents

Brokers

Other

4926


Agents

Brokers

Other

Intermediaries

199,421

Population

83,042,200

Density of

intermediaries

1/416



119392

46412

337



https://www.dihk.de/themenfelder/recht-steuern/oeffentliches-wirtschaftsrecht/versicherungsvermittlung-anlageberatung/zahlen-und-fakten/eingetragene-vermittler

https://www.destatis.de/DE/ZahlenFakten/GesellschaftStaat/Bevoelkerung/Bevoelkerung.html

GREECE

Source: EIOPA, figures for 2016

Source: EIOPA, figures for 2017

87


Agents

Brokers

Other

24

19


Agents

Brokers

Other

Intermediaries

22,185

Population

11,000,000

Density of

intermediaries

1/495


202 intermediaries per 100,000 people 2707

711

18767



HUNGARY

Source: The National Bank of Hungary - Insurance funds and capital market risk

report 2019

Intermediaries

26,900

Population

11,000,000

Density of

intermediaries

1/408



17900

9000



IRELAND

* Total number of Insurance, Reinsurance and Ancillary Insurance Intermediaries registered under the EU (Insurance Distribution) Regulations. All Insurance, Reinsurance and Ancillary Insurance Intermediaries listed on this register are authorised to distribute all classes of insurance.

Source: Insurance Distribution Register as at 21 August 2019: http://registers.centralbank.ie/DownloadsPage.aspx

Source: Insurance Ireland Factfile 2017

23

49


Agents

Brokers

Other

Intermediaries

2,625 *

Population

4,784,000

Density of

intermediaries

1/1,822


~54 intermediaries every 100,000 people

http://registers.centralbank.ie/DownloadsPage.aspx

ITALY

Year this info refers to: 2018 - Source: IVASS 2018 Annual report, p 32

Source: IVASS 2018 Annual report, p 43

36


Intermediaries

Other

88


Intermediaries

Other

Intermediaries

243,393

Population

60,359,546

Density of

intermediaries

1/248



27979

5710

209704



LITHUANIA

Year this info refers to: 2019 - Source: insurers’ websites, Chamber of Insurance

Brokers of Lithuania (current info, 2019-07-24)

P.S.: Totally there are 4179 insurance agents: insurance agents‘ companies and insurance agents who work on an individual basis. Insurance brokers are not allowed to work on an individual basis, so the number of insurance brokers‘ companies which employ them has to be

taken into consideration.

Year this info refers to: 2018 - Source: Bank of Lithuania

47

8


Agents

Brokers

Other

12

48


Agents

Brokers

Other

Intermediaries

4274

Population

2,8000,000

Density of

intermediaries

1/655



4179

95


agents brokers

LUXEMBOURG

Year this info refers to: 2018 - Source: 2018-2019 Annual Report of the Commissariat aux Assurances

Intermediaries

8,848

Population

614,000

Density of

intermediaries

1/69



8573

275



MALTA

Year this info refers to: 4th Quarter 2018 - Source: MFSA Licences’ Statistics 4th Quarter 2018

Year this info refers to: 2015 - Source: MFSA Annual Report 2015 and Malta Insurance Association Report 2016

13

3


Agents

Brokers

Other

43

24


Agents

Brokers

Other

Intermediaries

642

Population

476,000

Density of

intermediaries

1/741


134 intermediaries every 100,000 people

33

17



1631

446



NETHERLANDS

Year this info refers to: 2018 - Source: RIFD icm, AFM Population: September 2018 CBS

Brokers = independent intermediaries. 6224 represent the number of companies (not individual persons) Agents = companies that work under the licence of a supplier

Year this info refers to: 2018 - Source: RIFD icm, AFM

75%


Intermediaries

Other80%


Intermediaries

Other

Intermediaries

7,622

Population

17,240,000

Density of

intermediaries

1/2261



1398

6224


agents brokers

POLAND

Year this info refers to: 2018 - Source: Polish Supervisory Authority (KNF)

Year this info refers to: 2015 - Source: KNF

653


Agents

Brokers

Other

6519


Agents

Brokers

Other

Intermediaries

12,141

Population

37,880,000

Density of

intermediaries

1/3120



10747

1394

0



PORTUGAL

Year this info refers to: 2018 - Source: Portuguese Insurance Authority

Other categories= - Tied insurance intermediary -type 1 (=carry out insurance mediation activities in the name and on behalf of an insurance undertaking or, with the authorization of the latter. They can also do so on behalf of several insurance undertakings, as long as the promoted products are not competing): 7.083

- Tied insurance intermediary -type 2 (=carry out insurance mediation activities in addition to their principal professional activity, whenever the insurance is complementary to the goods or services provided in connection with that main activity and acting under the full responsibility of one or more insurance undertaking, in relation to the mediation of the respective products): 13

Year this info refers to: 2017 - Source: Portuguese Insurance Authority

13

2


Agents

Brokers

Other

5220


Agents

Brokers

Other

Intermediaries

18,985

Population

10,300,000

Density of

intermediaries

1/542



11820

69

7096



28

9

Total PremiumMarket Shares (in %)

Agents

Brokers

Other

ROMANIA

Source: Romanian Supervisory Authority (ASF), 2019

Source: market report of the Romanian supervisory authority (ASF) for 2019

64

Total premium market shares(in %)

Brokers

Other

10


Others

Brokers

78


Other

Brokers

Intermediaries

29,640

Population

19,340,000

Density of

intermediaries

1/652



9639

340

19661


other categories brokers agents

SLOVAKIA

Year this info refers to: 2018 - Source: National Bank of Slovakia

Intermediaries

20,428

Population

5,400,000

Density of

intermediaries

1/264



20014

414



SPAIN

Year this info refers to: End of 2017 / July 2018 - Source: Dirección General de Seguros y Fondos de Pensiones N.B.: other categories = bancassurance (48)

Year this info refers to: 2017 - Source: Spanish Supervisor's 2018 report

15,44

7


Agents

Brokers

Other

35,2

25


Agents

Brokers

Other

Intermediaries

75,444

Population

47,000,000

Density of

intermediaries

1/579



25,7

16



72,010

5,56348



SWEDEN

Source: Estimates from Insurance Sweden and SFM, 2018

Source: Insurance Europe, 2016

28


Intermediaries

Other

Intermediaries

3500

Population

10,058,000

Density of

intermediaries

1/2873



1000

2500


agents brokers

UNITED KINGDOM

Firms with FCA permission to conduct insurance distribution activities 2019: 12,979 Source: FCA regulated fees and levies 2019/20 (https://www.fca.org.uk/publication/policy/ps19-19.pdf)

Source for population figure: Office for National Statistics

(https://www.ons.gov.uk/peoplepopulationandcommunity/populationandmigration/populationestimates)

Source for intermediary figure: FCA Data (June 2019) (https://www.fca.org.uk/publications/data/retail-intermediary-sector-2018-underlying-data.xlsx)

Source: ABI UK Insurance and Long-Term Savings Key Facts 2017

(2019: Unable to update market share information as data has not been published)

3

34


Agents

Brokers

Other

Intermediaries

10,383

Population

66,435,600

Density of

intermediaries

1/6,398



4994

5389


brokers other categories

figures on insurance intermediaries in europe · life insurance market shares (in %) agents brokers...

Documents